NMSU Board votes against transferring $1.1 million from academics to athletics fund

New Mexico State University’s Board of Regents Tuesday voted against transferring $1.1 million from the university’s academic fund to the athletic fund.

The vote was unanimous, with all five board members voting against the proposal. The board also voted to restructure debt payments in an effort to free up more funds.

If the proposal had been approved, the athletics budget would have increased from $4.37 to $5.47 million, according to the university’s chancellor.

In a memo, the athletic review committee said the transfer was necessary to retain coaches by offering larger salaries. The memo also states that the department has operated at a “bare bones” level.

In a letter to the Regents, Chancellor Garrey Carruthers acknowledged the success of the athletics program, but greatly disapproved of such a large transfer from the academic fund.

“There is no doubt that such a transfer would infuriate the legislature, seriously harm the credibility of NMSU, and lead to a loss of trust that would take years to regain,” Carruthers wrote. “We cannot emphasize enough how negatively the transfer would be perceived by the university community, which has had to endure years of budget cuts.”

In his letter, Carruthers cited an $8 million cut this academic year, which froze 59 faculty positions and 72 staff positions.

Several faculty members also voiced their opposition to the proposal.

“Everyone is underpaid,” NMSU professor of economics Jim Peach told ABC-7 on Friday. “What they really need to do is some serious analysis. And that wasn’t done in the memo. It will also even if you gave $1.1 million to coaching staff that does not ensure coaching stability.”

ABC-7 will have live coverage of the meeting at 5 and 6 p.m.